Assenagon Asset Management S.A. Has $7.23 Million Stock Position in Selective Insurance Group, Inc. $SIGI

Assenagon Asset Management S.A. reduced its holdings in shares of Selective Insurance Group, Inc. (NASDAQ:SIGI) by 19.1% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 95,936 shares of the insurance provider’s stock after selling 22,707 shares during the quarter. Assenagon Asset Management S.A.’s holdings in Selective Insurance Group were worth $7,233,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Lighthouse Investment Partners LLC acquired a new position in shares of Selective Insurance Group during the 3rd quarter worth about $5,082,000. American Century Companies Inc. increased its position in shares of Selective Insurance Group by 1,299.9% in the third quarter. American Century Companies Inc. now owns 301,965 shares of the insurance provider’s stock valued at $24,480,000 after acquiring an additional 280,395 shares during the last quarter. SG Americas Securities LLC raised its holdings in Selective Insurance Group by 381.2% during the fourth quarter. SG Americas Securities LLC now owns 28,347 shares of the insurance provider’s stock worth $2,372,000 after acquiring an additional 22,456 shares in the last quarter. Sivia Capital Partners LLC bought a new stake in Selective Insurance Group during the second quarter worth about $468,000. Finally, Comerica Bank boosted its position in Selective Insurance Group by 94.8% during the fourth quarter. Comerica Bank now owns 55,955 shares of the insurance provider’s stock valued at $4,682,000 after purchasing an additional 27,236 shares during the last quarter. 82.88% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the company. Keefe, Bruyette & Woods boosted their price target on Selective Insurance Group from $84.00 to $88.00 and gave the stock a “market perform” rating in a research report on Friday, April 24th. Piper Sandler raised their target price on shares of Selective Insurance Group from $82.00 to $93.00 and gave the company a “neutral” rating in a research note on Tuesday, May 26th. Royal Bank Of Canada restated an “outperform” rating and set a $95.00 target price on shares of Selective Insurance Group in a report on Monday, March 23rd. BMO Capital Markets raised shares of Selective Insurance Group from a “market perform” rating to an “outperform” rating and upped their price target for the stock from $84.00 to $97.00 in a research report on Thursday, May 7th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Selective Insurance Group in a research note on Thursday, June 18th. Three analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $91.67.

Selective Insurance Group Price Performance

NASDAQ:SIGI opened at $96.30 on Monday. Selective Insurance Group, Inc. has a 12-month low of $71.75 and a 12-month high of $97.32. The firm has a market capitalization of $5.77 billion, a price-to-earnings ratio of 13.17 and a beta of 0.32. The stock’s 50 day moving average price is $87.75 and its two-hundred day moving average price is $83.95. The company has a quick ratio of 0.30, a current ratio of 0.30 and a debt-to-equity ratio of 0.27.

Selective Insurance Group (NASDAQ:SIGI) last issued its earnings results on Wednesday, April 22nd. The insurance provider reported $1.69 EPS for the quarter, missing the consensus estimate of $1.81 by ($0.12). The business had revenue of $1.36 billion for the quarter, compared to the consensus estimate of $1.29 billion. Selective Insurance Group had a return on equity of 13.71% and a net margin of 8.39%.The business’s revenue was up 5.7% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.76 earnings per share. On average, analysts anticipate that Selective Insurance Group, Inc. will post 7.81 earnings per share for the current year.

Selective Insurance Group Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, June 1st. Shareholders of record on Friday, May 15th were issued a dividend of $0.43 per share. The ex-dividend date of this dividend was Friday, May 15th. This represents a $1.72 annualized dividend and a yield of 1.8%. Selective Insurance Group’s dividend payout ratio (DPR) is currently 23.53%.

Selective Insurance Group Company Profile

Selective Insurance Group, Inc is an insurance holding company headquartered in Branchville, New Jersey. The organization traces its roots to a regional provider of property and casualty coverage and became a publicly traded holding company following its initial public offering in 1999. Since its formation, Selective has expanded through strategic acquisitions and organic growth initiatives to broaden its product offerings and strengthen its market position.

The company’s core business encompasses a broad range of property and casualty insurance products designed to serve both commercial and personal lines customers.